Microchip Technology Inc. (MCHP) is set to release its fourth-quarter earnings results on May 6, after the market closes. Despite the negative outlook for earnings and revenue compared to the same quarter last year, the company’s shares rose by 2.1% following the acquisition of Neuronix AI Labs on April 15.
Analysts are predicting that MCHP, based in Chandler, Arizona, will report earnings of $0.57 per share and revenue of $1.33 billion in the current quarter, according to Benzinga Pro data. However, these figures are a decrease from $1.64 per share and $2.23 billion in the prior-year quarter respectively.
Several analysts have provided insights into MCHP’s performance in recent reports, with Tore Svanberg from Stifel maintaining a Buy rating and increasing the price target from $98 to $102 on May 1 with an accuracy rate of 77%. Meanwhile, Mark Lipacis from Evercore ISI Group initiated coverage with an Outperform rating and a price target of $106 on April 16, boasting an accuracy rate of 78%. Analysts from Goldman Sachs, UBS, and Needham have also provided their ratings and price targets for MCHP.
As investors await MCHP’s earnings release on May 6th, it is clear that they are closely watching its performance during this quarter. This information is crucial for those looking to make informed decisions about the company’s outlook and potential growth opportunities.
On April 15th, Microchip Technology announced the acquisition of Neuronix AI Labs; however, specific terms of the deal were not disclosed. The news led to a rise in MCHP’s stock prices by 2.1%, closing at $91.36 on Friday.
Benzinga readers can access up-to-date analyst ratings for MCHP on our Analyst Stock Ratings page where they can sort by various variables such as stock ticker, company name or rating changes.
In conclusion, investors should keep an eye on Microchip Technology’s upcoming earnings release as it will provide valuable insights into its performance during this quarter and inform their investment decisions moving forward.